Midway Dental Supply, a portfolio company of PNC Riverarch Capital, has been sold to publicly traded Henry Schein. PNC Riverarch acquired Midway Dental Supply in July 2017.
Midway Dental Supply (MDS) is a distributor of more than 65,000 SKUs of dental consumable merchandise, equipment, services, and education products to more than 7,000 dentists and laboratories across the Midwest. In 2021, MDS’ sales were approximately $110 million, including nearly $20 million in sales of personal protective equipment and COVID-19 related products. MDS, led by CEO Steven Kizy, was founded in 1987 and has more than 200 employees with a headquarters near Detroit in Livonia, Michigan.
Henry Schein (NASDAQ: HSIC) is a distributor of dental and medical products to dental practitioners and laboratories, physician practices, and institutional healthcare providers. The business operates through two units – Health Care Distribution (HCD) and Technology and Value-Added Services (TVAS).
“Over the past 35 years, Midway Dental has earned an excellent reputation within the industry, grounded by a strong commitment to customer service and industry leadership,” said Stanley Bergman, the CEO of Henry Schein.
“As part of Henry Schein, Midway Dental will have access to new capabilities, including an expanded portfolio of solutions to serve our customers even better while offering our staff exciting new career possibilities,” said Mr. Kizy. “More specifically, Midway Dental’s customers will benefit from the vast array of Henry Schein branded products as well as the latest digital technologies that are modernizing dental practices. We are delighted to be joining forces with the world’s leading provider of dental products and services.” Post-closing, Mr. Kizy will join Henry Schein as Vice President, Strategic Development – U.S. Dental.
Henry Schein was founded in 1932 and went public in 1995 and has seen its revenues grow at a compound annual rate of just more than 12% over the past 26 years. In 2021, the company had annual revenues of $12.4 billion. Henry Schein is headquartered on Long Island in Melville, New York, and has company-owned or affiliate operations in more than 32 countries.
Metronome Partners was the financial advisor to Midway Dental Supply and PNC Riverarch.
“The Metronome team was a pleasure to work with, providing a high level of senior engagement every step of the way,” said Andrew Wiechkoske, a managing director at PNC Riverarch. “They were efficient, organized, and did a fantastic job managing the process to achieve a positive outcome for all parties.”
Pittsburgh-based PNC Riverarch invests from $10 million to $50 million in privately held companies headquartered throughout North America. Sectors of interest include outsourced services, specialized manufacturing, and value-added distribution. PNC Riverarch is a division of PNC Capital Finance, which in turn is a subsidiary of The PNC Financial Services Group (NYSE: PNC).
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